Buying a land? Got land grant?
Country Heights Grower Scheme (CHGS), anyone heard before?
Country Heights Grower Scheme (CHGS), anyone heard before?
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Jan 22 2013, 03:04 PM
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Senior Member
958 posts Joined: Dec 2008 |
Buying a land? Got land grant?
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Jan 22 2013, 03:18 PM
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Junior Member
106 posts Joined: Jul 2009 |
I heard they are launching another scheme in Sarawak
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Jan 22 2013, 03:26 PM
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Junior Member
94 posts Joined: Sep 2007 |
QUOTE(truth_seeker_09 @ Jan 22 2013, 02:36 PM) I also received this today. They use our RM200million cash to develop the plantation by convincing us that their management company PGCB and holding co is strong and stable.If you read Page 7. Section 6.ii. The Auditor said... we may have problem to get back full refund!!!!!!! I will definitely reject the offer. 1. Pay 10% 30 days, 90 % is 2 yrs later. 2. no compensation. 3. Risk of no full refund 5. Other oil palm is doing well.. how come Tan Sri's is having problem? 6. who will they sell this piece land for? Are you just buy the piece of land for them? then they buy back with cheap price? Government should look into Tan Sri scam! Then their experts discovered many problems with the land / location / government labour policy / high CPO price .... However now the plantation under CHGS is forecasted not able to produce the return to match the foreseeable constant high CPO prices. But MC has to pay us 10-12% yearly thereby eating into PGCB other plantations profits. This could cost them a lot which is why they choose to dent their reputation by ending this scheme soonest possible. The cash reserve fund set aside to pay the initial few years of yield is depleted. Please read all the covenants that PGCB said they would uphold in their sales prospectus available on CHGS website, now it is worthless sh...... |
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Jan 22 2013, 03:26 PM
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Junior Member
13 posts Joined: Jan 2013 |
Growers kena scam right from the start. CHGS bought the land at dirt cheap price and sell it to growers at super inflated price. Even they sell the land to other investor at discounted price, they still making profit and we have to suffer the losses.
LKY only got 8plots…..strange. If he got more plots, he will do whatever in his capacity to revive this scheme instead of terminates it so early out of the 23years life span. “hangat-hangat tahi ayam” only. The most worrying part is FHCA statement of no guarantee of return of remaining 90% of grower capital and growers have to suffer mental depression for 2 agonizing years waiting for the outcome.(or maybe no outcome because no buyer) I believe when we parted with our money because the introducer informed us that the capital is guarantee. |
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Jan 22 2013, 03:34 PM
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Junior Member
106 posts Joined: Jul 2009 |
Can log complaint to Bank Negara
http://www.bnm.gov.my/index.php?ch=feedbac...out_all&lang=en I think more complaints will expedite the investigation |
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Jan 22 2013, 03:38 PM
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Junior Member
46 posts Joined: Jan 2013 |
I haven't received the letter yet but based on my friend's explanation, it sounded like the management proposal is 1 sided.
Also, I call the head office this morning and I got to know there is a proxy vote form included. For those of you who aren't able to attend the meeting, you are required to send in ur proxy vote. It will serve as a "voice" during the meeting. 2 items which I haven't got an answer is: 1. this announcement is very recent, will there still be any dividend be payout for the year (2012 feb - 2013 feb) period, because obviously in average the CPO is above rm2100 (12%). if i'm not mistakken, the new proposal will only take place on march which means investor's should have the rights to receive their dividends by the end of feb. 2. based on my understanding, to vote "FOR" or "AGAINST", both also we will screw up. if we accept, 10% will be refunded within 30 days while the other 90% will be distributed in 2 years (still can get it back or not also dunno). if we don't accept, where do we go from here? will the land be sold and $$$ be returned to the investors in 1 shot? what is the other alternative? i would propose having the dividend cut from 12% to 8-9% during this difficult time. that way, CH won't look that bad or else they will really screw up their reputation. but of course, after another few years, if this happen again, then headache again. |
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Jan 22 2013, 04:23 PM
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Junior Member
94 posts Joined: Sep 2007 |
QUOTE(hyh78 @ Jan 22 2013, 03:38 PM) I haven't received the letter yet but based on my friend's explanation, it sounded like the management proposal is 1 sided. Part A Page 5 No.5 stated that their holding co, Bee Garden Hldg s/b, has already issued LU dated 17-January-2013. It seems very clear they are avoiding to pay us 2012 yield of 12% by terminating early before 15-Feb-2013 due date for the yearly yield payment. They have to find the cash....Also, I call the head office this morning and I got to know there is a proxy vote form included. For those of you who aren't able to attend the meeting, you are required to send in ur proxy vote. It will serve as a "voice" during the meeting. 2 items which I haven't got an answer is: 1. this announcement is very recent, will there still be any dividend be payout for the year (2012 feb - 2013 feb) period, because obviously in average the CPO is above rm2100 (12%). if i'm not mistakken, the new proposal will only take place on march which means investor's should have the rights to receive their dividends by the end of feb. 2. based on my understanding, to vote "FOR" or "AGAINST", both also we will screw up. if we accept, 10% will be refunded within 30 days while the other 90% will be distributed in 2 years (still can get it back or not also dunno). if we don't accept, where do we go from here? will the land be sold and $$$ be returned to the investors in 1 shot? what is the other alternative? i would propose having the dividend cut from 12% to 8-9% during this difficult time. that way, CH won't look that bad or else they will really screw up their reputation. but of course, after another few years, if this happen again, then headache again. This post has been edited by mkhor7: Jan 22 2013, 04:28 PM |
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Jan 22 2013, 05:19 PM
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Junior Member
319 posts Joined: Dec 2008 |
I think we need some lawyer friend to give more advise. Few things in my mind
1. CHGS did not manage the plantation properly or in schedule? 2. CHGS did not research properly on the land and simply tell the public that can plant palm oil for earning money with a great promised return 3. If i dont remmeber wrongly. Pahang Government also have purchase a lot of plot. what's their stand? 4. Since Bee Garden is taking over control (can we say now is Bee Garden is the manager/operator?) It has the right to manage the business properly? 5. What is the stand from SC and bank negara? |
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Jan 22 2013, 05:19 PM
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Junior Member
46 posts Joined: Jan 2013 |
found the documents of termination....for those who have not received the official letter yet:
http://www.chgs.com.my/download/CIRCULAR%20-%20CHGS.pdf |
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Jan 22 2013, 05:41 PM
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Junior Member
106 posts Joined: Jul 2009 |
CHGS was launched March 2007 initially for MCA Wanita by our Datuk Ng Yen Yen who made a personal site visit with MCA Wanita. With a 8% guaranteed yearly return, and 12-17% average during harvest years, it was used to encourage women to make better use of their hard earned income and to encourage savings. After the initial launch, CHGS was then made open for public investment. CHGS palm oil land is located at Gua Musang, Kelantan.
During the first launch, each 1/4 acre plot was sold at RM5,000 then went up to RM8,000 currently. With 36,000 plots for sale, it was quickly taken up by Malaysian public as well as foreign investors. Currently its 8th phase has less than 1000 plots left & 2000 plots have already started harvesting ahead of schedule. |
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Jan 22 2013, 05:44 PM
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Junior Member
106 posts Joined: Jul 2009 |
The mantra of the scheme is "invest in CERTAINTY"
This post has been edited by hpcp: Jan 22 2013, 05:44 PM |
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Jan 22 2013, 05:48 PM
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Junior Member
106 posts Joined: Jul 2009 |
KUALA LUMPUR: Women should be more actively involved in investment especially those with minimum risk, said Deputy Finance Minister Datuk Dr Ng Yen Yen. “Women should be given a chance to have a better understanding of how to invest within their financial means,” Dr Ng said at the launch of the World First Oil Palm Grower Invest-ment Scheme for Women Pre-view at the Palace of Golden Horses here on Tuesday night. Dr Ng, who is Wanita MCA chief, said the investment was offered at an affordable price with RM5,000 per plot with 23 years of annual dividends. “An 8% rate of return is guaranteed for the first three years while returns for the remaining 20 years are to be based on the price of crude palm oil,” she said. She urged women to take up the opportunity to invest in the scheme during this exclusive period for them. She also said the men should buy the investment as a gift for their wives, daughters or mothers in conjunction with International Women’s Day today. A press statement said there would be a return on capital outlay from net proceeds of sale of the oil palm estate at the end of the 23rd year. For details, contact Mines Marketing Sdn Bhd at 03-89411888 or Women’s Wealth Creation (M) Sdn Bhd at 03-80683993. http://thestar.com.my/news/story.asp?file=...t/17087990&sec= |
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Jan 22 2013, 05:56 PM
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Junior Member
106 posts Joined: Jul 2009 |
See thread #287 posted way back in 2009. Most of the points kena
I won't put my money in CHGS because of the following doubts: 1) The CPO operation cost is about RM 1200/ tonnes at this moment, up from about RM 800/ tonnes less than 5 years ago. Assume CPO price is RM 1200 a tonne, the company is paying 2% return. (let's ignore FFB production bonus) The operation cost is expected to increase and maybe 10 years down the road, it will go up to RM 2100/ tonne. Assume the CPO price is RM 2100/ tonne, is the company able to pay 12% return to investors when the cost alone is RM 2100/ tonne? Where the money comes from? What I am trying to tell here is that the CPO payment chart doesn't work because it does not factor in inflation. 2) Did the prospectus spell out how the land to be sold after 23 years? If the real estate market is not doing well that time, are they going to hold? How long it takes to sell the land? And more important how soon can the investors get back their money! 3) The company said the return is guaranteed. Is it back by assets? If not, it is merely verbal guarantee. And mine you it is a private limited company 4) The boss is a very prominent businessman in Malaysia. If the plan is so good, do you think the public has the chance to invest in? Why not keep to himself or sell to his rich friends. It is easier to sell to his friends who can invest hige amount rather than having to manage so many retail investors. 5) If the plan is so profitable and safe, why not CHGS raise capital through debt which has lower cost of capital? 6) CPO has gone beyond RM 4700/ tonne and yet the plots were not fully suscribed yet. The total investment available for sale is less than RM 400 millions. It is coming to 3 years and the plots are still not fully suscribed. Few billion units of ASM and ASW 2020 which seems to have lower return were snatched up by Chinese investors within hours! Investors lack confidence is the scheme. 7) Since the company thinks the scheme is so profitable/ certain (the slogan is Invest in Certainty), why not the company offers guaranteed buy-back after the trees start to yield? 8) There were 18,000 oil palms damaged by wild elephants at Gua Musang in April 2009, causing massive loss to a company. Have sufficient measures being taken to mitigate this risk? 9) Track record of the boss Lee and Country Height Group is not so convincing. Look at the winding up of Min Hotel, Lake Front Business Centre owning local authorities up to million of assessment fee (it was reported in year 2006), check with the buyers of college height, Pajam and see whether they are happy with the company, if you happened to visit Mines Wonderland, you will be appalled how the ice sculpture look like, poor customer service, delay in payment etc... 10) The investment is very illiquid. Once the company cannot fulfill his payment, investors will rush to sell the plots... Do you think you can sell then? Few financial advisors said they won't invest in this scheme such as KCLAU, DAVID LEE and the boss of ISI Business Network This post has been edited by hpcp: Jan 22 2013, 05:56 PM |
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Jan 22 2013, 06:00 PM
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Junior Member
94 posts Joined: Sep 2007 |
QUOTE(hpcp @ Jan 22 2013, 05:48 PM) KUALA LUMPUR: Women should be more actively involved in investment especially those with minimum risk, said Deputy Finance Minister Datuk Dr Ng Yen Yen. “Women should be given a chance to have a better understanding of how to invest within their financial means,” Dr Ng said at the launch of the World First Oil Palm Grower Invest-ment Scheme for Women Pre-view at the Palace of Golden Horses here on Tuesday night. Dr Ng, who is Wanita MCA chief, said the investment was offered at an affordable price with RM5,000 per plot with 23 years of annual dividends. “An 8% rate of return is guaranteed for the first three years while returns for the remaining 20 years are to be based on the price of crude palm oil,” she said. She urged women to take up the opportunity to invest in the scheme during this exclusive period for them. She also said the men should buy the investment as a gift for their wives, daughters or mothers in conjunction with International Women’s Day today. A press statement said there would be a return on capital outlay from net proceeds of sale of the oil palm estate at the end of the 23rd year. For details, contact Mines Marketing Sdn Bhd at 03-89411888 or Women’s Wealth Creation (M) Sdn Bhd at 03-80683993. http://thestar.com.my/news/story.asp?file=...t/17087990&sec= |
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Jan 22 2013, 06:28 PM
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Senior Member
813 posts Joined: May 2011 |
not to sound supportive of the move
the article when read mentions that the refund be done in full with a comment from the advisers that they may not be able to pay in full due to the lower assets |
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Jan 22 2013, 06:33 PM
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Junior Member
106 posts Joined: Jul 2009 |
QUOTE(sam sam @ Jan 22 2013, 06:28 PM) not to sound supportive of the move You still trust them? They said "invest with certainty". How it turn out to be now?the article when read mentions that the refund be done in full with a comment from the advisers that they may not be able to pay in full due to the lower assets |
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Jan 22 2013, 06:38 PM
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Senior Member
813 posts Joined: May 2011 |
i look at the advice note
if they cant sell the land we are looking at a 65% refund i took cash/owing Well decided to take the hit and just work harder |
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Jan 22 2013, 06:56 PM
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Elite
5,572 posts Joined: May 2011 From: Here, There, Everywhere |
QUOTE(hpcp @ Jan 22 2013, 05:48 PM) KUALA LUMPUR: Women should be more actively involved in investment especially those with minimum risk, said Deputy Finance Minister Datuk Dr Ng Yen Yen. “Women should be given a chance to have a better understanding of how to invest within their financial means,” Dr Ng said at the launch of the World First Oil Palm Grower Invest-ment Scheme for Women Pre-view at the Palace of Golden Horses here on Tuesday night. Dr Ng, who is Wanita MCA chief, said the investment was offered at an affordable price with RM5,000 per plot with 23 years of annual dividends. “An 8% rate of return is guaranteed for the first three years while returns for the remaining 20 years are to be based on the price of crude palm oil,” she said. She urged women to take up the opportunity to invest in the scheme during this exclusive period for them. She also said the men should buy the investment as a gift for their wives, daughters or mothers in conjunction with International Women’s Day today. A press statement said there would be a return on capital outlay from net proceeds of sale of the oil palm estate at the end of the 23rd year. For details, contact Mines Marketing Sdn Bhd at 03-89411888 or Women’s Wealth Creation (M) Sdn Bhd at 03-80683993. http://thestar.com.my/news/story.asp?file=...t/17087990&sec= Personally, when i see politicians "thumbs-up" support something, i usually run the opposite way |
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Jan 22 2013, 07:11 PM
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Junior Member
46 posts Joined: Jan 2013 |
1 quick question, if we do not agree with the proposal, what will happen?
will the trustee assign a new management to take care of the business that is currently running? |
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Jan 22 2013, 07:31 PM
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Senior Member
1,748 posts Joined: Jan 2003 |
so all of u grower plan to vote against or for?
Thanks |
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